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A Sudden Boom In The Cryptocurrency Market

Samantha Mitchell

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Bitocin Price Boom

Bitcoin, which is the largest Cryptocurrency in terms of market cap, has risen in its values since a market free fall period that was witnessed at the beginning of this year. This came after a financial regulator’s vote was undertaken in South Korea, and which later helped in quenching some of the strict stances it had earlier taken on the operations of these virtual coins.

No More Clampdowns

According to reliable reports, Financial Supervisory Service of South Korea through its governor, Choe Heung-Sik, has finally stated that the national government will still support virtual currencies trading, but if only done in the best manner. The sudden boom in the prices of Cryptocurrencies, especially Bitcoin could be attributed to the news that Bitcoin’s crackdown could be made easy.

Early Tuesday morning, {20th February 2018}, Bitcoin knocked a 3-week high of 9, 513.23 Euros. This was quite high based on what has been going on in the market for the past few weeks. This came with almost a 100% rise from the low of just 4,804.26 Euros that was seen at the beginning of February.

Revived Confidence

According to the Managing Director of UFX, an online brokerage firm, Dennis de Jong, the latest news could have granted new confidence to the traders and make them invest again in this market. He went ahead to note that the possible crackdown on exchange trading and the huge regulation threat has for a long time interfered with the operations of this virtual currency.

The latest reports from South Korea have, however, given the traders a new reason to purchase Bitcoin, and even other crypto coins.

Still on the stark increment, Canaccord Genuity, which is an investment service firm, also had something to say. The company said that the price history of Bitcoin has always given a hint that long periods of great consolidation are always followed by long periods of great advancements.

According to this company, buying and holding them for long terms is the only secure means of gaining from the serious appreciation of the Bitcoin price. This is due to the fact that timing it might prove to be an impossibility.

7-day Report

Just within the last seven days, the value of this world’s most used cryptocurrency, Bitcoin has gone up by almost 20.49%. This is what has skyrocketed the current virtual currency’s value to $11,135. The increase in value in the last one week has not only been witnessed by Bitcoin, other sector leaders like Litecoin, Ethereum, and Bitcoin Cash have also witnessed the same. Bitcoin Cash, which is currently valued at $1,391.43, was at $98.70 in the last one week. On the other hand, Ethereum, which is at $896.13 at the moment has a seen a 0.3% rise in the past one week. Litecoin is currently at $224.60 having moved from $199.21, which it had in the last seven days.

In a report made at the beginning of this year, the government of South Korea had exclusively revealed that it was planning to all the exchange centers for virtual currencies.

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